Steve Keen, a heterodox economist and author, challenges conventional economic thinking. He discusses the relevance of Karl Marx's ideas in today’s capitalist society, particularly the labor theory of value and how it contrasts with modern practices. Keen critiques capitalism's response to climate change and explores the potential for socialism to offer a more equitable future. He also reflects on the systemic failures of both economic models and emphasizes the importance of adapting economic theories to contemporary societal needs.

Economist Steve Keen explores the origins of energy blindness in modern economic theory, discussing how the massive carbon surplus has been overlooked in describing wealth and productivity. The podcast also delves into the history of economics and the role of physiocrats, the flaws in neoclassical economics, and the neglect of energy in production. The speakers analyze the relationship between energy, technology, and human creativity, and criticize economists' approach to energy and climate change.

On this Reality Roundtable, Nate is joined by Jon Erickson, Josh Farley, Steve Keen, and Kate Raworth - all of whom are leading thinkers and educators in the field of heterodox economics. In this lively discussion, each guest begins by sharing one fundamental aspect of what conventional economics gets wrong and how it could be improved in our education system. What basic assumptions about humans have led to a misunderstanding of the average person’s decision-making? What areas has economics turned a blindspot to as the foundation of our economic systems? Who is finding the models and systems that economists have created useful - and how does economics as a discipline need to change in the face of a lower energy future? In short, what we teach our 18-22 year olds around the world matters - a great deal. About Jon Erickson Jon Erickson is the David Blittersdorf Professor of Sustainability Science & Policy at the University of Vermont. He has published widely on energy and climate change policy, land conservation, watershed planning, environmental public health, and the theory and practice of ecological economics.  He advised presidential candidate Bernie Sanders on economics and energy issues. About Josh Farley Joshua Farley is an ecological economist and Professor in Community Development & Applied Economics and Public Administration at the University of Vermont. He is the President of the International Society for Ecological Economics.  About Steve Keen Steve Keen is an economist, author of Debunking Economics and The New Economics: A Manifesto. He is a Research Fellow at the Institute for Strategy, Resilience, and Security at University College in London. About Kate Raworth Kate Raworth describes herself as a renegade economist focused on making economics fit for 21st century realities. She is the creator of the Doughnut of social and planetary boundaries, and co-founder of Doughnut Economics Action Lab, based on her best-selling book Doughnut Economics: 7 Ways to Think Like a 21st Century Economist. Kate is a Senior Associate at Oxford University’s Environmental Change Institute, where she teaches on the Masters in Environmental Change and Management. She is also Professor of Practice at Amsterdam University of Applied Sciences. She is a member of the Club of Rome and currently serves on the World Health Organisation Council on the Economics of Health for All.  For Show Notes and More visit: https://www.thegreatsimplification.com/episode/rr03-erickson-farley-raworth-keen  To watch this video episode on YouTube: https://youtu.be/EC11UQD9q3w  

Steve Keen, a Post-Keynesian economist and author known for critiquing mainstream economic theories, discusses industrial policy's historical significance. He emphasizes how successful industrial nations, from Britain to China, relied on protectionist policies. Keen critiques the effectiveness of Trump's tariffs in rebuilding American industry, warning that simplistic solutions may lead to chaos. He also highlights the impact of globalization on trade dynamics, the complexities of public versus private debt, and the consequences of wasteful expenditures on sustainability.

Steve Keen, a prominent economist known for his insights on financial instability, joins to discuss the stark economic differences between the US and Europe post-COVID. He emphasizes that the US's proactive government spending, like the Inflation Reduction Act, has fueled recovery while Europe struggles under rigid fiscal rules. Keen critiques misconceptions about national debt and highlights how US housing market dynamics boost consumer spending, in contrast to Germany's stagnation. The conversation dives into innovation, labor strategies, and the need for a rethink on economic policies.

Economist Steve Keen challenges modern economic theory, criticizes neoclassical economics, explores China's economic transformation, discusses building a sustainable economy on Mars, contrasts subjective and objective value in economic theory, critiques economists for missing the 2007 crisis, examines the interplay of energy, value, and sustainability, and advocates for Universal Basic Income and valuing human life.

Steve Keen, an accomplished economist and Honorary Professor at University College London, delves into the failures of neoclassical economics versus post-Keynesian thought. He emphasizes how complexity science and chaos theory can illuminate economic cycles of booms and busts. Keen critiques the flawed aggregation in neoclassical models and argues for integrating private debt into frameworks. He champions multi-agent modeling and government intervention in financial systems to foster stability and prevent crises, making a compelling case for rethinking economic dynamics.

Steve Keen, a renegade economist known for challenging mainstream views, dives into the critical failures of economic thinking, especially regarding climate change. He argues for a complete overhaul of economic models, asserting that traditional theories often miss essential realities. Keen discusses the need for drastic action against climate change and critiques the recent economic consensus. He also emphasizes the importance of addressing private debt and advocates for innovative solutions like a 'debt jubilee' to stimulate the economy and promote equity.

Steve Keen, ein australischer Wirtschaftswissenschaftler und Kritiker der neoklassischen Ökonomie, diskutiert die Fehler der herrschenden wirtschaftlichen Ideologie. Er hinterfragt das unendliche Wachstum im Kapitalismus und betont die Dringlichkeit, ökologischen Herausforderungen zu begegnen. Zudem beleuchtet er die Rolle von Geld und Energie in der Wirtschaftstheorie sowie den Einfluss reicher Individuen auf die Demokratie. Keen plädiert für ein neues wirtschaftliches Modell, das soziale Gerechtigkeit und nachhaltige Entwicklung vereint.

Steve Keen, a notable economist and author recognized for his critiques of neoclassical economics, dives deep into the critical misunderstanding of energy's role in modern economics. He discusses how traditional models fail to account for climate risks and the evolution of economic systems from feudalism to capitalism. Keen critiques the oversimplifications of neoclassical theories and emphasizes the need for new economic models that address ecological limits. He warns of the potential authoritarian measures needed to avert ecological collapse, highlighting the urgent need for nuanced economic thinking.